Same-property occupancy of 97.2% as at September 30, 2013, compared to
89.6% for the IPO forecast; Overall portfolio occupancy of 97.1% as at
September 30, 3013

Same-property net operating income growth of 2.5% on a sequential
quarter basis and 2.8% growth over the first quarter of 2013

FFO - As Reported per unit of $0.23 and FFO - Core per unit of $0.24,
compared to $0.23 for the IPO forecast

AFFO - As Reported and AFFO - Core per unit of $0.20 per unit excluding
$0.05 per unit ($0.5 million) of leasing costs to lease-up 21,400 sf of
previously vacant space. Additional leasing costs of $0.4 million will
be incurred during the fourth quarter of 2013 for this vacant space.
This investment will generate $0.5 million of incremental cash flow
annually for 10.7 years beginning in the fourth quarter of 2013

AFFO - Core payout ratio of 92% for the nine months ended September 30,
2013, or 85% excluding the above noted lease up of vacant space which
will contribute to AFFO beginning in the fourth quarter of 2013

Closed the acquisition of The Promontory, a Class A Greater Toronto Area
office complex, for $39.0 million on August 15, 2013

Reduced leverage as indebtedness ratio decreased to 53.5% from 56.6% as
at June 30 2013 with the $27.0 million equity issuance which closed on
August 2, 2013

Shant Poladian, Chief Executive Officer of FAM REIT, commented, "Our
operational and financial performance in the third quarter further
builds our track record of solid execution. Tenant demand for our
portfolio remains healthy through high occupancy and lease-up of vacant
space. Equally as important is our focus on building a strong balance
sheet and liquidity to navigate a more challenging capital market
environment for REITs as long-term interest rates rise from
generationally low levels. We have $12.3 million of liquidity in the
form of cash and unused lines, only $0.8 million of mortgages maturing
before November 2015, our 2015-2017 mortgage maturities represent a
very conservative 44% loan to value, and our overall credits metrics
are sound. In addition, DRIP participation has now reached
approximately 30%, allowing us to prudently reinvest the retained cash
flow and/or to further reduce leverage."

Financial Highlights and Key Performance Indicators

($000s unless otherwise noted and except per unit amounts)

Three monthsendedSeptember 30,2013

Forecast - Three
months ended
September 30,
2013(1)

Three months
ended June 30,
2013

Revenue from investment properties

$ 7,568

$ 5,770

$ 6,601

Net operating income

4,720

3,468

4,130

Same-property net operating income

3,669

3,180

3,578

Net income and comprehensive income

1,228

1,420

4,162

Funds from operations - As Reported

2,418

1,899

2,879

Funds from operations - Core

2,519

1,899

2,081

FFO per unit (basic and diluted) - As Reported(2)

$ 0.23

$ 0.23

$ 0.34

FFO per unit (basic and diluted) - Core(2)

$ 0.24

$ 0.23

$ 0.25

Adjusted funds from operations - As Reported

1,529

1,432

1,121

Adjusted funds from operations - Core

1,529

1,432

2,046

AFFO per unit (basic and diluted) - As Reported(2)

$ 0.15

$ 0.17

$ 0.13

AFFO per unit (basic and diluted) - Core(2)

$ 0.15

$ 0.17

$ 0.24

Distributions per unit

$ 0.19

$ 0.19

$ 0.19

Core AFFO pay-out ratio

127%

112%

76%

Cash distributions per unit - net of DRIP

$ 0.15

$ 0.19

$ 0.19

Core AFFO pay-out ratio, net of DRIP

100%

112%

76%

Net operating income by asset class

Industrial

$ 1,445

$ 1,379

$ 1,447

Office

2,858

1,716

2,256

Retail

417

373

427

$ 4,720

$ 3,468

$ 4,130

Net operating income by geographic location

Manitoba

$ 1,851

$ 1,759

$ 1,866

Ontario

1,876

804

1,261

Saskatchewan

380

323

385

Alberta

491

452

482

Northwest Territories

122

130

136

$ 4,720

$ 3,468

$ 4,130

Interest coverage ratio (times)

2.8x

2.6x

2.4x

Leverage ratio (times) - period end

8.4x

NF

9.3x

Debt service coverage ratio (times)

1.7x

NF

1.5x

Indebtedness ratio (%) - period end

53.5%

NF

56.6%

Weighted average mortgage interest rate - period end

4.7%

NF

4.8%

Same-property occupancy - period end

97.2%

89.6%

97.3%

Occupancy - period end

Industrial

100.0%

98.5%

100.0%

Office

96.0%

82.7%

96.5%

Retail

90.9%

82.3%

90.4%

97.1%

90.0%

96.9%

Leased square footage (sq. ft.) - period end

1,849,875

1,493,785

1,690,701

Rentable square footage (sq. ft.) - period end

1,905,036

1,659,633

1,745,292

NF = Not forecasted

(1) For information purposes only, select forecast financial information
for the three months ended September 30, 2013 has been included in this
press release, based on the financial forecast in the initial public
offering documents.

(2) The basic weighted average number of units outstanding used in the
per unit calculations includes the weighted average of all REIT units
and Class B LP units.

FINANCIAL

Funds From Operations ("FFO") - As Reported for the three months ended
September 30, 2013 was $0.23 per unit. After adjusting for a $0.01 per
unit fair value loss on interest rate swaps, FFO - Core was $0.24 per
unit, ahead of the IPO forecast of $0.23 per unit. If the acquisition
of the Promontory and related financing had occurred at the beginning
of the third quarter, FFO - Core would have been $0.25 per unit.

Adjusted Funds From Operations ("AFFO") - As Reported and AFFO - Core
for the three months ended September 30, 2013 was $0.15 per unit,
compared to the IPO forecast of $0.17 per unit. AFFO - Core for the
third quarter would have been $0.20 per unit excluding $0.05 per unit
of leasing costs associated with the lease-up of 21,400 sf of vacant
space which is slated to take occupancy in the fourth quarter of 2013.
Additional leasing costs of $0.4 million will be incurred during the
fourth quarter of 2013 for this vacant space.

OPERATIONAL

Net Operating Income ("NOI"). During the three months ended September 30, 2013, the REIT achieved NOI
of $4.7 million, which was 34.3% ahead of the forecasted NOI of $3.5
million. This growth was driven by the acquisitions of 4211 Yonge and
The Promontory, higher than expected tenant retention, lease-up of
vacant space, slightly offset by the sale of 220 Portage.

Same property NOI growth. Same-property NOI growth was 2.5% on a sequential basis and 2.8%
compared to the first quarter of 2013 due to higher occupancy and lower
non-recoverable expenses.

Occupancy. Occupancy on a same-property basis was 97.2% as at September 30, 2013,
ahead of the forecasted occupancy rate of 89.6% driven by higher than
forecasted tenant retention and lease-up of vacant space. Overall
portfolio occupancy was 97.1%, which included the acquisitions of 4211
Yonge and The Promontory, and the disposition of 220 Portage.

Leasing Profile. 171,000 sf of leased area expired during the three months ended
September 30, 2013. Of the total 171,000 sf of expiries, we completed
lease renewals totaling 37,000 sf during the quarter, and 133,000 sf of
tenancies are being overheld as these lease renewals are currently
underway.

Debt Strategy. FAM REIT deleveraged its financial position with the $27.0 millionAugust 2013 equity raise. In connection with The Promontory
acquisition, the REIT obtained a $23.0 million mortgage for a ten year
term at an interest rate of 4.60%. For the next 12 months, FAM REIT has
a strong and flexible financial position with only $0.8 million of
mortgage maturities prior to November 2015.

OUTLOOK

Our existing portfolio continues to perform well, and our recent
acquisitions have integrated smoothly into our operations. Based on our
current leasing outlook we expect to maintain same property occupancy
at 97% for the remainder of 2013.

The Promontory acquisition, together with the FAM REIT's previously
completed property transactions (the acquisition of 4211 Yonge and the
disposition of 220 Portage) are expected to generate approximately $2.1
million of pro-forma annualized AFFO.

Other information

Information appearing in this press release is a select summary of
results. The consolidated financial statements and management's
discussion and analysis for the REIT are available at www.sedar.com and our website at www.famreit.com.

About FAM Real Estate Investment Trust

The REIT is a diversified commercial real estate investment trust
focused on owning and acquiring strategically well-located office,
industrial and retail real estate located primarily across Canada's
large population centres.

Forward looking information

This press release contains forward-looking information within the
meaning of applicable securities legislation, which reflects the REIT's
current expectations regarding future events. Forward-looking
information is based on a number of assumptions and is subject to a
number of risks and uncertainties, many of which are beyond the REIT's
control, that could cause actual results and events to differ
materially from those that are disclosed in or implied by such
forward-looking information. These risks and uncertainties include, but
are not limited to, general and local economic and business conditions;
the financial condition of tenants; our ability to refinance maturing
debt; leasing risks, including those associated with the ability to
lease vacant space; and interest rate fluctuations. Our objectives and
forward-looking statements are based on certain assumptions, including
that the general economy remains stable, interest rates remain stable,
conditions within real estate market remain consistent, competition for
acquisitions remains consistent with the current climate and that the
capital markets continue to provide ready access to equity and/or debt.
All forward-looking information in this press release speaks as of the
date of this press release. The REIT does not undertake to update any
such forward-looking information whether as a result of new
information, future events or otherwise. Additional information about
these assumptions and risks and uncertainties is contained in the
REIT's filings with securities regulators, including its latest annual
information form and MD&A.